The National Association for the Advancement of Orthotics and Prosthetics (NAAOP) has released its latest webcast in which Peter W. Thomas, JD, details two new programs designed to help O&P businesses offset the financial burdens brought on the COVID-19 pandemic.
The Centers for Medicare and Medicaid Services (CMS) has announced a nationwide expansion of the Medicare Accelerated and Advance Payment Program (AAPP) to help providers and suppliers during the pandemic. O&P practices can access expedited and advanced payments to fund their operations and increase cash flow during the crisis due to disruptions in claims submissions and processing, Thomas said.
The Small Business Administration (SBA) began accepting loan applications from lenders under the Paycheck Protection Program (PPP), on April 3. Thomas said NAAOP is advising all O&P practices to explore this program for eligibility. Participation in this $349 billion program is first-come, first-serve, he said. Once these dollars are exhausted, the program will not accept additional applications. PPP loans do not have to be paid back if borrowers use at least 75 percent of the loan to retain employees and cover other specified expenses over an eight-week period, he said.
The latest information on the programs and the video are posted on the NAAOP website and as well as oandp.com.